Thinking of starting prop in Toronto

P

ptrade

I live in Toronto, and am thinking of taking a month or two to explore prop trading, if possible. I have some retail experience swing trading, which I haven't done in a while, but I did OK at it a few years ago.

I have some questions, for those that are good enough to answer:

1. Where is the best place to start? (I don't have any capital to put up at the moment, so Swifttrade sounds like the only place to go from what I can tell.)

2. What is required in terms of certification, etc? Do I need a Series 7 to trade at Toronto Swifttrade, for example? Also, my credit rating isn't the best at the moment, and I'm wondering if that will have any effect on my eligibility to get hired.

3. How much will it cost me for training at these firms, etc, and how long will that take?

I don't have much to lose at the moment (other than a bit of my time), so it's pretty much a risk-free proposition for me to try this out and see if I like it.

Any responses are appreciated.
 
Quote from mdmbud:

sorry, what was I thinking. Your plan of action sounds like a good one!
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Thanks. If there are any more helpful responses out there (pro or con), they would be appreciated.
 
Re: Quote from ptrade:

1. Where is the best place to start? (I don't have any capital to put up at the moment, so Swifttrade sounds like the only place to go from what I can tell.)

SwiftTrade.

2. What is required in terms of certification, etc? Do I need a Series 7 to trade at Toronto Swifttrade, for example? Also, my credit rating isn't the best at the moment, and I'm wondering if that will have any effect on my eligibility to get hired.

No Series 7, anyone can apply, free training, credit rating means nothing.

3. How much will it cost me for training at these firms, etc, and how long will that take?

If you are good, it will take 3 months, if you are real good, it will take 2 months, it could take you as long as 6 months. Most people can't make it at all, regardless of your experience and education. If you can't stand working for months without money, most likely you won't make it.
 
Quote from BENG:

If you are good, it will take 3 months, if you are real good, it will take 2 months, it could take you as long as 6 months. Most people can't make it at all, regardless of your experience and education. [/B]
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3 months or 3 years? lol...
 
No Series 7, anyone can apply, free training, credit rating means nothing.

Thanks, this is the first useful response I've received.

Some other questions:

Do you have to come in 5 days a week? And is it required to stick around after market close for your training in the beginning? I have other work to do after 5 pm, so that could be a problem if it takes too much time. Also, once you start with them, are you committed to continuing for a certain period of time, or can you quit whenever you want?


If you are good, it will take 3 months, if you are real good, it will take 2 months, it could take you as long as 6 months. Most people can't make it at all, regardless of your experience and education. If you can't stand working for months without money, most likely you won't make it.

I don't mind working for no money - if I can't make a profit, I don't expect to get paid. I see this as an opportunity to get 1-2 months of free exposure to daytrading systems and strategies at no cost to me. Since I'm not putting up any capital, the worst that can happen is that I just spend some time learn something about this world and decide that I don't want to be a part of it. Either way, the worst thing I lose is a bit of time.

Thanks...
 
Quote from trend_guy:

prop is a complete waste of time ... learn to become a real trader ... read Reminiscenes of a Stock Operator ... read Seykota material ... www.tradingtribe.com
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I've already read some trading books, and in fact traded a few years ago reasonably successfully as a swing trader, so I'm not a complete newbie. I know how to read various indicators, have experienced a lot of the emotional swings in this game and learned from them, etc.

Do you see any particular harm in trying out prop for a couple of months at no cost, just to get a feel for daytrading? At least I'll learn something about the software that's used (as opposed to web-based retail order stuff), if nothing else. I may not end up liking it, but I can't see it hurting me too much at this point to give it a shot.
 
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